Avanti Residential acquired the 308-unit Summit Square apartments in Lee’s Summit, MO, a Kansas City suburb, for $80 million. The multifamily investment firm now owns eight apartment communities in the greater Kansas City market.
“We continue to uncover appealing investment opportunities in Kansas City, a market where we have assembled a critical mass of apartment data and operational knowledge over the past several years,” said Christian Garner, president of Avanti Residential.
Despite current market challenges, “We were able to acquire this property at a favorable basis with attractive fixed-rate financing and assemble a compelling investment opportunity that we believe we will perform very well in the coming years,” said Jason Wine, director of acquisitions at Avanti.
Avanti purchased the property from NorthPoint development, which was represented by Mac Crowther and Whittaker Potts of Newmark. Avanti represented itself in the transaction.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).